start-up of the Piombino-Corriere.it regasification terminal

Investments up by 4.7% to 313 million for Snam in the first quarter of 2023 (+4.7% compared to the first quarter of 2022), closed with total revenues of 912 million (+12.9%), an adjusted EBITDA to 597 million euros (+1.5%) and an adjusted net profit down to 301 million due – reads the note – to the absence of one-off income. In the first quarter of 2023 – commented the CEO Stefano Venier – we achieved solid results even in the face of a context that remains volatile with rising interest rates. We increased the level of investments in the period, also due to the intensification of work in the shipyards in view of the commissioning of the FSRU vessel Golar Tundra, which has been in the commissioning phase since 5 May. We are approaching next winter with a much more solid and resilient energy system thanks to the storage already 65% ​​full and the infrastructural interventions for safety in progress. The solid economic-financial performance of the first quarter allows us to confirm the targets at the end of the year.

Technical investments

The new Piombino regasification terminal also benefited from the investments. A good 308 million are technical (+38.1%) and mainly relate to the transport (213 million), storage (41 million) and regasification (39 million) sectors, while investments by businesses linked to energy transition amounted to 12 million euros. The company that manages the gas transmission network and that bought the two regasification ships to allow Italy to be independent from Russian methane.

Debt above 12 billion

Net financial debt rose to 12,872 million euros (+949 million euros compared to 31 December 2022), mainly due to the expected cash absorption generated by the dynamics of working capital connected to the balancing activity, for investments in new shareholdings and for the payment of the interim dividend for 2023.
Net financial expenses amounted to 42 million euros, up by 13 million euros compared to the first quarter of 2022. The increase was due, in particular, to higher expenses relating to net financial debt connected to the higher average cost of debt which stood at approximately 1.5% in the first quarter of 2023 compared to 0.9% in the corresponding period of 2022. The increase in the average cost of debt mainly attributable to the changed interest rate scenario recorded in the period between the two quarters compared